Investing in the Power of HBCUs
At Goldman Sachs, we believe in the power of Historically Black Colleges and Universities (HBCUs) and their students. That’s why we started the Goldman Sachs Market Madness: HBCU Possibilities Program, a focused effort to provide HBCU student participants with access to hands-on comprehensive training, networking opportunities, and sustained coaching relationships with Goldman Sachs colleagues.
Goldman Sachs is taking a holistic approach to its support and will invest in the power of HBCU’s through a $25 million commitment over a five-year period, alongside the high touch access and firm resources the Goldman Sachs Market Madness: HBCU Possibilities Program offers students from across the country.
“The firm has long seen how HBCU students positively contribute to our workforce and help us remain competitive and innovative,” says Megan Hogan, the Global Head of Diversity Recruiting. “Over the decades, we have strengthened our partnership with HBCUs to help ensure students have access to education, networking and career opportunities at the firm.”
From over 400 eligible applications to the program, we invited 125 first year and sophomore students from HBCUs to participate in a four-month curriculum and case study competition led and run by Goldman Sachs.
Participants join us from Florida A&M University, Hampton University, Howard University, Morehouse College, Morgan State University, North Carolina A&T State University, Prairie View A&M University and Spelman College, and each will receive a $10,000 academic stipend from Goldman Sachs upon completion of the fourteen-week program.
“Hampton University appreciates Goldman Sachs’ financial and educational commitment in supporting our ‘Home by the Sea,’ as well as the other participating HBCUs,” said Dr. William R. Harvey, President of Hampton University. “The [Goldman Sachs] Market Madness: HBCU Possibilities Program will provide unmatched financial training for our students from one of the top investment banks and financial services companies in the world. This effort will allow our world-class students to demonstrate why Hampton University is the standard of excellence in front of senior leadership at a Fortune 500 company.”
“Goldman Sachs is helping prove that diversity and inclusion directly leads to positive economic growth and development,” said Wayne A. I. Frederick, President of Howard University. “This program will create a pipeline of talented minority students into corporate America, helping to increase representation in critical industries and dispel the myth that there was ever a lack of Black talent.”
“We applaud the leadership of Goldman Sachs for the ongoing commitment in recognizing the wealth of talent that exists at HBCUs like Morgan State University, and for creating access to opportunities through innovative initiatives such as the 10,000 Small Businesses and [Goldman Sachs] Market Madness: HBCU Possibilities programs,” said Dr. David Wilson, President of Morgan State University. “We appreciate this opportunity to expand upon our relationship with Goldman Sachs and look forward to our exceptional students highlighting their business acumen via this competitive vehicle.”
“HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community,” says Asahi Pompey, Global Head of Corporate Engagement for Goldman Sachs.
Throughout the program, participants will attend weekly virtual sessions with Goldman Sachs Community TeamWorks coaches, discussing various businesses and key financial functions. In a final case study competition featuring our valued partner Procter & Gamble as the subject, students will work in teams on final presentations which will be judged by the firm’s senior leaders and strategic community partners. Teams will compete for prize donations to their institutions – funding opportunity for future generations.
Here is what some of the students and coaches have said about wanting to join the program:
“I wanted to learn more about the world of finance while also getting the chance to network and collaborate with other students from HBCUs.”
– Lailah, Florida A&M University
“I am interested in financial services and saw this program as an opportunity to supplement my classroom experience with exposure to 'real-world' business problems. Additionally, collaborating with fellow HBCU students and Goldman Sachs professionals will broaden my perspectives and introduce me to new problem-solving methods.”
– Alexandra, Spelman College
Goldman Sachs Volunteer Coaches
“Since interning in 2016, I have worked on 3 teams, 2 divisions, in 2 cities and I am amazed at how solution-oriented and client centric we are. I wanted to impart the same mindset to the future corporate leaders of America.”
– Fred, Analyst, Consumer and Wealth Management
“I wanted to pay the mentorship I received forward, and have the opportunity to be an impactful part of these students' career growth and path.”
– Anna, Associate, Investment Banking
This commitment builds on the Goldman Sachs Fund for Racial Equity, which the firm announced in June 2020 to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. UNCF, a partner through the Fund, advised in overall design of the Goldman Sachs Market Madness: HBCU Possibilities Program.
We’re proud to be supporting the power of HBCUs by giving back to the institutions shaping these students and paying it forward.